The Murdoch family, founders of the multinational publishing and media enterprise News Corporation, announced on Tuesday (September 8th) that they have reached an agreement on the control of their media empire, establishing Rupert Murdoch’s eldest son Lachlan Murdoch as the sole controller of the voting rights of Fox and News Corporation, bringing an end to years of inheritance disputes.
Rupert Murdoch has six children from three marriages. The Murdoch family has been embroiled in legal battles in recent years over trust arrangements, with the Nevada lawsuit involving Lachlan and his siblings now coming to a close.
According to the agreement, Prudence MacLeod, Elisabeth Murdoch, and James Murdoch, children from Rupert’s first two marriages, will withdraw from any trust holding Fox or News Corporation shares and will no longer be beneficiaries. A separate trust has been set up for the three of them.
These three individuals will sell millions of shares within six months in exchange for cash compensation. Following this, they will completely sever direct and indirect ties with their family’s two major media enterprises.
The remaining family trust shares will be transferred to a new company named “LGC Holdco,” benefiting Lachlan, his two half-sisters Grace and Chloe, children from the same father but different mothers. Grace and Chloe’s mother is Murdoch’s third wife, Wendi Deng.
News Corporation stated that Lachlan will have the sole voting control rights over this portion of shares, solidifying his family’s inheritance position. Additionally, Prudence, Elisabeth, and James have signed a long-term agreement committing to not acquire any more shares of Fox or News Corporation in the future.
News Corporation emphasized in its statement that the Fox board welcomes this agreement and believes that Lachlan Murdoch’s leadership and vision as CEO and Executive Chairman will continue to play a key role in the company’s strategic direction and success.
This arrangement comes at a time when attention is focused on the future direction of Fox News Channel. The channel has long been a leader in cable news viewership in the United States and recently won a lawsuit filed by competitor Newsmax on antitrust grounds.
Rupert Murdoch, aged 94, announced his resignation as Chairman of News Corporation and Fox Corporation in 2023, retaining only an honorary chairmanship. The media mogul’s long-standing succession issues have finally been resolved.
News Corporation is the core media group of the Murdoch family, with major assets in the United States, the United Kingdom, and Australia. It includes The Wall Street Journal, New York Post, Dow Jones, The Times, The Sunday Times, The Sun, The Australian, The Daily Telegraph, as well as internationally renowned publisher HarperCollins and Australian real estate platform REA Group.
Fox Corporation, an independently listed company, focuses on television news and broadcasting in the United States, owning Fox News, Fox Sports, Fox Broadcasting Company, and the streaming platform Tubi.
(Translated from the original article in Epoch Times)